FTX announced this week it had raised $400 million at a $32 billion valuation. The company is expanding ambitiously in the Asian crypto market as the competition in the industry is becoming fierce.
In an interview with CNBC, Bankman-Fried said that his company is focusing on acquiring licenses in several countries. Meanwhile, traditional lenders such as Japan’s SBI and Singapore’s DBS have been working to capitalize on crypto’s massive growth.
SBI is a minority shareholder in a number of crypto start-ups, including the $15 billion company Ripple, while DBS has set up its own digital asset exchange.
